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Rectangle Chart Pattern - Rectangle Pattern and Chart analysis |
A rectangle chart pattern is characterized
as a short-term horizontal channel, and it represents a trading range and
indecision area that usually resolves in the direction of the main trend. Chart analysis usually considers the rectangle pattern as a continuation formation, but it can also mark
significant top and bottom. The rectangle pattern within a younger parent trend has more
chances to mark a continuation. To estimate the maturity of the parent trend,
consult technical indicators. Volume should increase during breakout, but in
contrast with other continuation patterns, the rectangle does not inherit standard
volume behavior. After breakout, the rectangle pattern resistance may turn into potential support and
vice versa.
Tips:
# 1 As a continuation pattern, the rectangle pattern usually appears within a young
trend characterized by neutral long-term indicators and overbought/oversold
daily indicators. The pattern resets short-term indicators to neutral and then
continues movement in the parent's direction.
# 2 As a reversal formation, the pattern appears in a mature trend
characterized by overbought/oversold indicators on long and short time frames.
This situation usually generates divergence on weekly indicators.
# 3 For the best results, the rectangle chart pattern should be considered together with other technical analysis signals, chart analysis, and technical trading techniques.
Estimated target: the higher level parent's support/resistance line.
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Advanced TA SearchArchive
- 4/26/2024 -
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Quest Diagnostics (DGX) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
Move cursor over the icon to see details.
| | It was a first positive week after 3 consecutive negative weeks for the Quest Diagnostics (DGX). During the week, the DGX gained 5.82 points, or 4.53%, and closed at 134.26 on Friday, April 26, 2024. Weekly volume was 52% above average.
DGX is a member of Health Care Sector. Health Care is the second most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See DGX long-term trend chart]
A long-term downtrend had started on December 31, 2021 at 174.16 and reached 119.59 on October 2, 2023. DGX lost 54.57 points, or 31.33%, in 91 weeks. The chart has formed a Descending Triangle chart pattern. The trend support level is at 119.14 and resistance is at 137.33. A Descending Triangle is a variation of triangle formation that has a flat support line and falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. A Descending Triangle usually represents a distribution stage in bearish market. A Descending Triangle is considered to be a continuation pattern, especially in a down trend, but it may also mark a reversal in an uptrend. Use the following link to access a Descending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Descending Triangle pattern in a long-term trend.
 Medium-term trend: [See DGX medium-term trend chart]
A medium-term uptrend had started on October 2, 2023 at 119.59 and reached 143.63 on January 2, 2024. DGX gained -24.04 points, or -20.10%, in 13 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (125.62) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See DGX weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since March 28, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. Use the following link to access a MACD help.
 Short-term trend: [See DGX short-term trend chart]
A short-term uptrend had started on April 18, 2024 at 125.42 and reached 138.91 on April 23, 2024. DGX gained -13.49 points, or -10.76%, in 5 days. The price is now at the 34.47% retracement level.
Daily Technical Indicators: [See DGX daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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